Market Research Future Published a Cooked Research Report on Artificial Lift market. The global market for Artificial Lift is expected to grow at a CAGR of about 7% between 2018 and 2027. —
The Global Artificial Lift Market is estimated to be a lucrative market within the upstream oil & gas industry. It is projected to achieve a resilient growth of about 7% CAGR between 2016 and 2027. The upstream oil & gas sector has been experiencing persistent growth challenges; following the decline in oil prices since past two years.
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Taste the market data and market information presented through more than 40 market data tables and figures spread over 100 numbers of pages of the project report. Avail the in-depth table of content TOC & market synopsis on Global Artificial Lift Market Research Report -Forecast to 2027 .
Artificial Lift Market:
The global artificial lift market is growing due to decline in oil reservoirs, increase in shale oil and gas production. The recent decline in oil prices is also estimated to increase the demand for production focused services such as pressure pumping, artificial lift and enhanced oil recovery in comparison to drilling services. The unconventional production has transformed the oil and gas industry in North America over the last decade. The tight oil production in U.S. has pushed its crude oil supply to over 10% of world total. There are different types of artificial lifts which include rod lift, electric submersible pumps, progressive cavity pumps, gas lift and others. The Artificial lift Market is projected to grow at a high CAGR of around 7% during the forecast period.
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The major participants of this market are Baker Hughes, Borets, Cameron International, Dover Corporation, GE Oil & Gas, Halliburton, John Crane, National Oilwell Varco, Schlumberger, and Weatherford.
Market Research Analysis:
Increasing focus towards production optimization, and growing number of mature oil fields are major driving factors for the artificial lift market. North America held the largest share within the global Artificial Lift Market is expected to be the dominant market during he forecast period as well. Electric submersible pumps contribute a major part within the global artificial lift market as compared to other lift types.
The global artificial lift market is facing an upward trend due to decline in oil reservoirs, increase in shale oil and gas production and increase in deep water and ultra-deep activities. However, strict government and regulations and environmental problems associated oil and gas production are inhibiting the growth of the artificial lift market. Hence it is expected that the market for global artificial lift market is expected to grow at a CAGR of XX% from 2016 - 2027
The key findings of the report Global Industry Insight: Artificial Lift Market include:
Depleting oil reservoirs, mature oil fields and increasing deep water and ultra-deep-water activities are major factors driving the growth of the artificial lift market
Strict government regulations and environmental issues associated with the oil and gas production is inhibiting the growth of the artificial lift market
Geographically, North America has the largest share in global artificial lift market and is also expected to be the fastest growing region
Based on the type, electric submersible pumps have the largest market share in the artificial lift market.
Segmentation for Artificial Lift Market involves the following types such as Rod Lift Market Breakdown by Region, Electric Submersible Pump Market Breakdown by Region, Progressive Cavity Pumps Breakdown by Region, Gas Lift Market Breakdown by Region and Global Others Market Breakdown By Region.
Regional Analysis of Artificial Lift Market
North America dominated the Global Artificial Lift Market with the largest market share, accounting for $XX million and is expected to grow over $XX billion by 2027. The European market for Artificial Lift Market is expected to grow at XX% GAGR (2016-2027). Artificial Lift Market Russia market is expected to grow at CAGR of XX% from $ XX million in 2016 to $XX million by 2027.
Some of the key players for this market are: Baker Hughes, Borets, Cameron International, Dover Corporation, GE Oil & Gas, Halliburton, John Crane, National Oilwell Varco, Schlumberger, and Weatherford.
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